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Debt (Tables)

12 Months Ended

Dec. 31, 2013

Debt [Abstract]

Long-term debt

Long-term Debt Long-term debt consisted of the following unsecured obligations at December 31:

(in thousands)		2013				2012
3.66% senior notes due November 2023		$	75,000			$	—
3.06% Euro-denominated senior notes due November 2023			52,566				—
4.47% senior notes due November 2018			25,000				25,000
4.14% senior notes due November 2017			25,000				25,000
4.91% senior notes due through May 2017			99,000				110,000
3.77% senior notes due November 2016			25,000				25,000
7.31% senior notes due November 2013			—				25,000
5.85% Euro-denominated senior notes due November 2013			—				25,508
Long-term revolving loan agreement			43,982				95,419
Various other notes			2,576				3,052
			348,124				333,979
Less current maturities			—				—
Total long-term debt		$	348,124			$	333,979

Restrictive loan covenants

Substantially all of the senior loan agreements contain restrictions concerning interest coverage, borrowings, investments and tangible net worth amounts. The Company is in compliance with all of these restrictions at December 31, 2013. The following table summarizes the Company’s most restrictive loan covenants calculated in accordance with the applicable agreements as of December 31, 2013:

(dollars in thousands)		Actual				Required
Debt to EBITDA (Maximum)			1.40				3.50
Net Worth (Minimum)		$	1,242,684			$	625,000
Interest Coverage (Minimum)			8.01				2.00

Short-term borrowings

Short-term Borrowings The Company’s short-term borrowings consisted of the following items at December 31:

(in thousands)		2013				2012
Uncommitted loans		$	4,600			$	16,950
Loans of foreign subsidiaries			2,450				3,098
Total		$	7,050			$	20,048

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- Definition

Restrictive loan covenants

+ References

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- Definition

Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

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- Definition

Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 19

-Article 5



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.19)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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